A Manufacturer (£8M Turnover)
An £8m manufacturing firm came to BGS for help when, due to a massive downturn in business during the recession. Over £3m contracts were lost in just a few months. There had been major omissions in reporting of PAYE and other creditors outstanding due to an incompetent FD who had also made fraudulent payments from the business for personal gain. The size of the issues meant that the company could not be saved but there remained a good amount of business that could be salvaged if the company could be restructured.
The BGS Corporate Finance team worked with management through a very difficult period, helping them to understand their true financial situation, consider their options, restructure the company and navigate a legal minefield in the process.
A new company was formed which saved 40% of the jobs in the business and enabled the key stakeholders to salvage significant value which would have otherwise been lost.